With presidential campaigns in full swing, attention is once again returning to the future of the US tax code. Although media attention is at an all-time high, the fact is that major tax reform has been in the works for many years and efforts are currently underway to make possibly sweeping changes to the code.

With its ability to make or break fortunes for many businesses, corporate executives are well advised to pay attention to tax policy developments in Washington, right now. As a primer, here are four facts about tax reform that everyone should know.

1. Tax reform is not a bill or an event. It is an era. A period of time when different legislators discuss, write and “try out” different proposals, looking for feedback from the tax community.
2. The tax community is all of us. The saying “the only things certain are death and taxes” is true. Every American is a taxpayer of one sort or another and we are all affected by the tax code and therefore reform of the tax code.Inside of the tax community are sectors that come together with common interests or act alone, to comment to both Congress and the Administration about different aspects of tax reform: corporate, small business, manufacturing, credits, pensions, and too many others to name. They work closely with the tax writers in congress to help them craft provisions that may modify the tax code.
3. Discussions and ideas have been flowing for years on Capitol Hill. There is already some consensus on tax code sections that need to be fixed. There is some consensus on how to fix them. Tax Reform has been happening for years and will continue to happen.Some of these ideas and provisions are not made public because “ bill may not be passing soon,” not because they are secret. But in order for a bill to pass- many benchmarks must be reached. The first is discussion. This may include individual members introducing bills, costs analysis of these tax bills, etc. some bills won’t see the light of day, but others will surely be part of tax reform.
4. Today’s discussions are tomorrow’s tax reforms. One line in the tax code can save you millions or cost you millions.

Choosing to become aware of specific parts of that discussion, as an individual or a company or a coalition of interests is both your right and a wise thing to do.